REG - Jadestone Energy PLC - Montara Update

Jadestone EnergyAnnouncement

07/09/2023 07:00

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RNS Number : 6968L  Jadestone Energy PLC  07 September 2023

 

Montara Update

 

7 September 2023 - Singapore: Jadestone Energy plc ("Jadestone", or the
"Company") an independent oil and gas production company focused on the
Asia-Pacific region, provides the following update on operations at the
Montara Venture FPSO offshore Australia.

 

In line with the announcement on 31 August 2023, production at Montara
restarted on 1 September 2023.

 

Initial production averaged around c.1,000 bbls/d from one well while the
FPSO's oil production and gas compression systems were recommissioned.  With
further wells being brought back online in recent days, production has
increased to c.8,000 bbls/d.  This figure includes some flush production, and
it is expected that average Montara production will return to pre-shutdown
levels of c.6,000 bbls/d over the coming days.

 

Ballast water tank 4P has also been returned to service following completion
of final inspections and repairs. Preparations for the repair of the
previously reported defect between oil cargo tank 5C and ballast water tank 4S
are underway and additional inspections in tank 4S are ongoing.

 

The Company will now utilise a smaller and lower cost shuttle tanker to
provide additional storage during a period of time when the FPSO storage
capacity is constrained.

 

-ends-

 

For further information, please contact:

 

 Jadestone Energy plc
 Paul Blakeley, President and CEO                      +65 6324 0359 (Singapore)
 Bert-Jaap Dijkstra, CFO

 Phil Corbett, Investor Relations Manager              +44 (0) 7713 687467 (UK)
                                                       ir@jadestone-energy.com (mailto:ir@jadestone-energy.com)

 Stifel Nicolaus Europe Limited (Nomad, Joint Broker)  +44 (0) 20 7710 7600 (UK)
 Callum Stewart
 Jason Grossman
 Ashton Clanfield

 Jefferies International Limited (Joint Broker)        +44 (0) 20 7029 8000 (UK)
 Tony White
 Will Soutar

 Camarco (Public Relations Advisor)                    +44 (0) 203 757 4980 (UK)
 Billy Clegg                                           jse@camarco.co.uk (mailto:jse@camarco.co.uk)
 Andrew Turner

 Elfie Kent

 

About Jadestone Energy

Jadestone Energy plc is an independent oil and gas company focused on the
Asia-Pacific region.  It has a balanced and increasingly diversified
portfolio of production and development assets in Australia, Malaysia,
Indonesia, Thailand and Vietnam, all stable jurisdictions with a positive
upstream investment climate.

 

Led by an experienced management team with a track record of delivery, who
were core to the successful growth of Talisman Energy's business in
Asia-Pacific, the Company is pursuing a strategy to grow and diversify the
Company's production base both organically, through developments such at
Akatara in Indonesia and Nam Du/U Minh in Vietnam, as well as through
acquisitions that fit within Jadestone's financial framework and play to the
Company's strengths in managing maturing oil assets. Jadestone delivers value
in its acquisition strategy by enhancing returns through operating
efficiencies, cost reductions and increased production through further
investment.

 

Jadestone is a responsible operator and well positioned for the energy
transition through its increasing gas production, by maximising recovery from
existing brownfield developments and through its Net Zero pledge on Scope 1
& 2 GHG emissions from operated assets by 2040. This strategy is aligned
with the IEA Net Zero by 2050 scenario, which stresses the necessity of
continued investment in existing upstream assets to avoid an energy crisis and
meet demand for oil and gas through the energy transition.

 

Jadestone Energy plc (LEI: 21380076GWJ8XDYKVQ37) is listed on the AIM market
of the London Stock Exchange (AIM: JSE).  The Company is headquartered in
Singapore.  For further information on the Company please visit
www.jadestone-energy.com (http://www.jadestone-energy.com) .

 

This announcement does not include inside information.

 

 

 

 

 

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